No, the 3.4 terabytes were composed of hourly incremental backups of the home folder on my Macbook Air and my Hackintosh + some external drives with media content.
I downloaded a full restore of the state of my Macbook Air as of roughly one month ago for testing. I don't have the storage space for a total restore (which would be tens of TBs I guess, since it's an incremental backup solution [unless you could restore all the files instead of all the backups]), but I've tested everything I care about.
I actually just deleted most of the backups from Amazon (just to be nice), since I don't really need to have backups of everything that has ever touched my Downloads folders or web browser cache for example.
